Pi Network Gains Traction Post Mainnet Launch, Eyes Top 25 Cryptocurrencies

Pi Network, a mobile-friendly mining coin, has recently garnered significant attention following its mainnet launch on February 25. Currently ranked at #37, there is considerable speculation about whether Pi can break into the top 25 cryptocurrencies.

Several factors are driving the optimism surrounding Pi Network. Despite a total of 55 million tokens being unlocked, which initially suggested a bearish trend, long-term indicators point to a different narrative. Pi has been trading around $0.64, a critical support level that has held steady despite falling RSI levels. This stability is attributed to investor optimism amidst global market uncertainties.

The Average True Range (ATR) for Pi Network is currently between $0.012 and $0.03, indicating a consolidation phase. However, the PiScan report shows high investor activity, with over 72,000 Pi tokens being withdrawn from centralized exchanges and moved to personal wallets within the last 24 hours. This movement suggests a return of volatility for the Pi token.

Technical analysis reveals a triple bottom pattern forming on the 8-hour chart of Pi, a bullish indicator. This pattern, combined with the bullish divergence shown by the RSI and MACD, suggests a potential trend reversal. The support level has remained steady, and if Pi can break through psychological levels of $0.86, $1, and $1.67, it could reach new highs, potentially trading around $2.67.

Analysts forecast that Pi Network has strong fundamentals and is gaining traction in the market. While Pi is a promising addition to any portfolio, diversifying into other verticals like meme coins could also be beneficial. For instance, Angry Pepe Fork $APork offers a low-cap entry with significant upside potential, providing investors with another avenue for financial growth.